Let's be honest. It's been hard to get excited about savings with interest rates from banks well below 1% for quite some time. PurePoint is leading the charge to change that, and offer something new in an online savings account – local branches.

PurePoint Financial Review

Here's my full review of PurePoint Financial:

Old is new again. Don't worry that you haven't heard of PurePoint Financial before. They are a new brand. They were created by their parent company MUFG (one of the oldest and currently 5th largest bank in the world).

Simple setup. I sat down with PurePoint Financial at one of their Dallas financial centers and learned about their admittedly simple offering:

PurePoint doesn't offer any other financial products. But they do offer local financial centers. More below.

I spoke with Adam Weisner, Head of Client Services, from PurePoint Financial when I was visiting one of their community art installations and he assured me that the rates above weren't teaser rates and that they were able to offer them based on their cost-efficient model.

Safe and sound. PurePoint Financial is FDIC Insured and is backed by MUFG, one of the most established financial institutions.

They also have financial centers open (or opening soon) in Houston, Chicago, New York, Tampa, and Miami.

The center I visited was very nice! There were 3 savings professionals there for me to speak to, a kiosk/desk for me to handle any banking transactions, and a fully stocked refreshment bar (tea, coffee, sodas, and even chocolate).

Right now, PurePoint Financial is offering something special to all of my readers/listeners in Dallas.

You may have noticed on social last week that PurePoint is letting you – literally – unlock your future through their red door art installations and opportunity to win $10,000 toward your savings goals.

Last Edited: July 25, 2017 @ 7:00 pmThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!

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Comments

Do you know if Denver is on their radar for opening locations? I think the highest IR I’ve seen is Ally at 1.05%; however, they don’t require a minimum. Can you comment on what happens if the balance drops in case of an emergency?

According to PP, they aren’t releasing info on future locations right now. So that’s a big “maybe”.

Also, according to PP, If a client drops below the $10k balance requirement, the interest rate will drop to .25% Annual Percentage Yield. Once they reach the $10k minimum again, the interest rate will automatically readjust to the going savings rate at that time.

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Disclosures:

The content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice.